Tallest builiding in CA to be built

A news story in El Diario de Hoy reports that the Grupo Roble real estate firm will build the tallest building in Central America (outside of Panama) in San Salvador. The 28 floor tower will contain 88 luxury apartments starting from $348,000 and will be located next to the Multiplaza shopping center.

You could dismiss this story because this housing is well out of the financial reach of the vast majority of Salvadorans. But a sizable construction project always brings with it paying jobs and an investment in the local economy.

Comments

Anonymous said…

Hmm, very interesting. I hypothesize that zee men of Grupo Roble are building such a tall building because they feel inadequate with the size of their penises and are trying to overcompensate. Yah, would seem to be what is happening here.

The recent high rise housing projects in San Salvador will contribute to increase to teh city's skyline.

But... I can't avoid mentioning the fact that those apartments will be located nearby a zona marginal. Making the contrast of the rich and the poor more obvious.

The zona marginal I'm referring too is the one located between the two lanes of the Carretera Panamericana, which is kept out of sight by some tall bamboo trees and is located on both sides of the gully.

Fortunately Grupo Roble is a corporation that is actually helping El Salvador with their responsabilidad social programmes, like their contributions to Salvanatura or their sponsorship of ESEN scolarships.

This project should also mean that someone has done some research and found that the economy of El Salvador would support such a venture. Possible that research was done before oil crossed the $100 a barrel mark, but it does show that there is a confidence in economic growth in El Salvador.

Also even if oil continues to skyrocket, people in developing countries that already have mass transit systems in place that move people fairly cheaply should be affected a lot less than say in the States where if you can't afford gas, you're only other option is walking. My observation already has been that the traffic in San Salvador has lessened and there are fewer cars on the road. If you can't buy gas you just park it and ride the bus. You lose time and it's a little more risky, but in the long run it's actually cheaper than driving your own car.

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And up yours yo camino, I am sure you call the zona marginal the area of the indios. Grupo Roble is made up of the original 13-20 Oligarch families that exploit the poor and rape the ambienete natural with there new malls right SPLAT in the middle of the forest.

Malls and aparments are sprouting EVERYWHERE, of course the number of those apartments that are housings for "everyone", remain 0. I am not really into real-state, but makes me wonder who purchases this things, and how many aparments are in the end left empty. Surely foreigners would make the bulk of purchasers, but makes me wonder why.

This is one of many new expensive condos going up in the city. I think the market is starting to cool down. Several years ago, you could put down a few thousand for the deposit, wait the 18 months for construction (plus the 6 months in delays) and then resell the property for an immediate profit of $5 to $10K. If you wanted to hold onto it, you could rent it out to a foreign worker who wanted a modern, western style apartment with security for $700 and up. This would cover most if not all of the mortgage payment.Salvadorans wanting to retire back to their home country were also buying these properties - as a short term rental property, a medium term investment, and a long term place to live.Nowadays with the terrible economy in the U.S. and the pressure on illegal immigrants, a less money is coming here. Combine that with an oversupply of rental units and I think that the condo market here is going to go through an adjustment. I don't think it is bubble that is going to burst but there are going to be fewer home buyers, fewer rental property investors, and fewer speculators. So I won't be surprised if some of these buildings are put on hold or are very late due to financing problems and weak sales. I also think properties are going to start dropping in value ... like the SUV's in the sales lots. Forces of supply and demand.